In an important move towards returning the Irish economy to growth, the Republic of Ireland raised EUR 2.5 billion 8 January in a syndicated bond issuance. Danske Bank was one of five Bookrunners.
The transaction is the first syndicated issuance since the financial crisis struck Ireland in 2009, and it is vital for Ireland to get back to full access to the capital markets, allowing the country to exit the EU and IMF bailout. With investors offering to lend as much as EUR 7 billion, the transaction was a great success.
“This syndicated transaction has been a very high-profiled event for us,” says Bo Wetterstein, Senior Vice President at Global DCM. “Danske Bank was the only participating Nordic bank, and we have won considerable recognition from other major European bank. Ireland’s return to the international syndicated capital market is something that every major international bank would have liked to take part in,” he says proudly.
The other Bookrunners were Barclays, Davy, Royal Bank of Scotland and Société Générale.
Not the first time
It is not the first time that Danske Bank is a Bookrunner in Ireland. During the past six months, we have acted as Bookrunners in international syndicated transactions for two energy providers owned by the Irish state – Electric Supply Board (ESB) and Board Gáis.
“For us to be selected as Bookrunner again is proof of the faith the Irish have in us. We have shown that we have what it takes and that we are able to attract many relevant investors,” Bo Wetterstein explains. “We also have the advantage of a really strong e-trading system that is very price-competitive and a highly recognised analysis setup – elements which are appreciated by both issuers and investors.”.